399. Persons to whom a trade belongs.

For the purposes of the ownership condition1:

  1.  

    (1)     where two or more companies carry on a trade, the interests in the trade belonging to them are taken to correspond to the shares of the trade's profits to which they are entitled2;

  2.  

    (2)     an interest in a trade belonging to trustees (otherwise than for charitable or public purposes), is treated as belonging to the persons for the time being entitled to the income under the trust3;

  3.  

    (3)     where a company is carrying on a trade4, the interest in the trade belonging to the company in carrying it on may be